Finance Tools
Debt Avalanche Calculator
Use the debt avalanche method to pay off debts by focusing on the highest interest rate first and minimizing total interest paid.
Use the debt avalanche method: pay minimums on all debts and put all extra money toward the highest interest rate first. This usually reduces total interest paid compared to the snowball method.
Debts
How to use this debt avalanche calculator
- Enter your total monthly budget for debt payments.
- List each debt with its name, current balance, APR, and minimum monthly payment.
- Click Calculate to simulate the debt avalanche method.
- Review the payoff time, total interest, and the order in which debts are paid off.
Example
For multiple credit cards and loans with different rates and balances, this calculator shows:
- How long it will take to pay off all debts using the avalanche method.
- The total interest you will pay over the payoff period.
- The order in which each debt is paid off when you always target the highest rate first.
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